Myanmar to adopt crop insurance based on weather

Submitted by Eleven on Fri, 10/20/2017 - 21:14

Writer:

EMG reporter

Myanmar and Sompo Japan Insurance are planning to adopt a crop insurance system based on climatic conditions, Deputy Minister for Agriculture, Livestock and Irrigation Hla Kyaw told a parliamentary session of the Upper House.

The plan was revealed during the parliamentary session held in Nay Pyi Taw on October 17 after MP Kyaw Myint Oo for Mandalay Region Constituency-10 asked if the relevant committees and task forces would be implementing the provisions of the law for protection of farmers' rights and promotion of farmers' interest.

"Sompo Japan Insurance, Myanmar Agricultural Development Bank and Myanmar Insurance are drawing up a plan to adopt and implement a crop insurance system based on weather," said the deputy minister.

Task forces established in states and regions for protecting farmers' rights and interest are working there, he added.

Due to natural disasters that happened in 2016-2017 fiscal year, more than 438,828 acres of crop plantations in ten states and regions, including the Union Territory, were destroyed. Therefore, K4,664.8311 million from the president's special fund were provided for re-cultivation and growing alternative crops. For this fiscal year also, such assistance would continue, said the deputy minister.